ISLAMABAD: After hitting record high price, the US dollar depreciated by Rs.1.43 against the Pakistani rupee in the early trading in interbank on Monday.
The greenback is currently trading at Rs174.30 after depreciating by Rs1.43 against the PKR in intra-day trading.
Adviser to Prime Minister on Finance, Shaukat Tarin said ‘satta mafia‘ was involved in the depreciation of the rupee as the greenback being smuggled to Afghanistan. He announced that the government was going to tighten the noose around the mafia involved in dollars smuggling.
The local currency started recovering from its steep fall against the US dollar on Oct 27, after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.
A week later, however, the rupee snapped its winning streak and began reversing gains.
It is pertinent to mention here that the Kingdom deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.
